The Government of India intends to revive Visvesvaraya Iron and Steel Plant (VISL) of Steel Authority of India (SAIL) by modernization and expansion of its facilities with an investment of Rs 10 billion, union steel & mines minister Narendra Singh Tomar said in Bhadravati, Karnataka.

Narendra Singh Tomar paid a visit to VISL unit of SAIL on Aug. 21, 2015.

In his address, Tomar said, "The Ministry is trying to ensure availability of raw material to VISL and once that is done, the government intends to revive VISL by modernization and expansion of its facilities with an investment of Rs 10 billion. However, this investment will be subject to recommendations of the consultant and approval by SAIL board."

Tomar added that he held two meetings with the Chief Minister of Karnataka and raised the issue of allotment of mines including 240 Ha of iron ore mines, in the Ramanadurga area to SAIL, VISL for iron ore security.

Tomar assured that CM would actively consider the matter on priority basis.

Shares of the company declined Rs 3.4, or 6.14%, to trade at Rs 52.00. The total volume of shares traded was 318,857 at the BSE (10.13 a.m., Monday).